After the transfer of ownership of the Panama Canal from the U.S. to Panama in 1999, the canal entered a new era in its 90-year history, moving from a profit-neutral operation to a market-oriented model, focusing on customer service and reliability. Ongoing capital improvements to the canal have focused on two priorities: increasing safety and decreasing the Canal Waters Time (CWT), the time a ship takes to traverse the waterway. From 2001 to 2002, only 34 maritime accidents occurred in a total of 26,678 transits, a reduction of 40% from fiscal years 1999 to 2000. The reduction in CWT is equally impressive. From 2001 to 2002, the CWT has decreased to 26.2 hours, down from 31.15 hours in 1999 to 2000. The Panama Canal Authority has launched a proactive program of modernization, with a series of improvements that will increase canal capacity by 20% and that will boost navigation safety and reliability. More than 150 studies are under way to help the Authority respond effectively to changes in the market. Key studies involve analyses of market demand and include assessments of the social and environmental impacts of proposed changes. Also under study are new concepts in lock design and engineering, and water recycling methods that may reduce fresh water requirements. The Authority is committed to the principles and practices of sustainable development, which will be incorporated into the final master plan.
Abstract